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Sep 30, 2021
Ameresco Q3 2021 Earnings Report
Reported strong third quarter results driven by a diversified business model and favorable business mix.
Key Takeaways
Ameresco reported a decrease in revenue to $273.7 million, but an increase in net income to $17.4 million, and Non-GAAP EPS of $0.41. The company's awarded backlog increased 11% sequentially and 31% compared to last year. They also announced a transformational contract to provide a 537.5 MW / 2.150 GWh multisite battery energy storage system for Southern California Edison (SCE).
Revenues of $273.7 million.
Net income of $17.4 million and GAAP EPS of $0.33.
Non-GAAP net income of $21.9 million, up 18% year-over-year.
Awarded backlog at the end of the third quarter increased 11% sequentially and 31% compared to last year.
Revenue by Segment
Forward Guidance
Ameresco raised its FY 2021 Guidance Ranges, reflecting strong year-to-date performance, the recently announced BESS contract, and a lower than expected tax rate. The company anticipates commissioning approximately 30 MW of additional energy assets and plans to invest approximately $70 million to $120 million in additional energy asset capital expenditures during the remainder of 2021.
Positive Outlook
- Revenue between $1.19 billion and $1.24 billion.
- Gross Margin between 19.0% and 19.5%.
- Adjusted EBITDA between $145 million and $155 million.
- Interest Expense & Other between $20 million and $21 million.
- Non-GAAP EPS between $1.39 and $1.47.
Challenges Ahead
- Effective Tax Rate between 2% and 7%.
- COVID-19 and supply chain challenges are anticipated to continue into 2022.
- Increased investment in people, new resources and growth strategies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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